Innovative Chemical Products Group Announces Acquisition of Master Coating Technologies by Construction Division

ANDOVER, Mass.–(BUSINESS WIRE)–ICP Construction, a division of Innovative Chemical Products (the ICP
Group), announced today the acquisition of Master Coating Technologies,
a leading manufacturer of specialty architectural coatings.

ICP Group is a leading specialty platform company in the coatings,
adhesives, sealants and elastomers (CASE) markets. The company will join
the current ICP Construction division, which includes market-leading
brands California Paints, FixALL, Storm System, Fiberlock, Dry-Treat,
California Sports Surfaces, and Rock-Tred.

Master Coating Technologies was founded in 1995 and is headquartered out
of Eagan, MN. Both companies are well respected industry leaders and
have a common interest in innovation and developing new technologies.

“Master Coating Technologies is among the top five manufacturers of
specialty coatings. They have been on our radar for quite some time now.
We’re thrilled to have their brilliant people––and technology––as a new
resource to further cement ICP Group’s reputation as an innovative
leader,” said Doug Mattscheck, CEO of ICP Group.

Zain Mahmood, President of ICP Construction adds, “We also see a great
opportunity to accelerate growth. Our existing independent dealer
network is now even stronger with well-respected brands that have both
residential and commercial applications.”

The acquisition broadens ICP Construction’s portfolio of architectural
coatings with specialty products focused exclusively on commercial
applications. Recently, architects and designers have been requesting
specific brands, like Zolatone, Scuffmaster, MDC, Bellagard, and
ClearErase. Now ICP Construction has more opportunities to meet those
needs.

Thomas Schaefer, President of Master Coating Technologies, is optimistic
about the future. “Through sharing best practices, scalable operational
capacity, advanced technologies and talented leadership and employees,
we can leverage both companies’ capabilities to deliver more value and
better service to customers.”

ICP Construction and Master Coating Technologies customers will not
experience any interruption in service as a result of the acquisition.

Innovative Chemical Products (the ICP Group) is a portfolio company of
Audax Private Equity.

About ICP Construction, a division of the ICP Group

A global leader in the paints and coatings industry, ICP Construction is
committed to providing the highest-quality paints, coatings, sports
surfaces and environmental remediation solutions for the architectural
and building industries. Our family of award-winning brands provides
innovative products, support and dedication to our customers. Our
products set the standard in their markets, and our continued investment
in advanced technology and delivery offers unparalleled value to our
customers. Visit www.icp-construction.com
for more information.

About ICP Group

Innovative Chemical Products (the ICP Group) is a leading specialty
chemical company engaged in the formulation, manufacturing, and
marketing of coatings, adhesives, sealants and elastomers (CASE). With
operations headquartered in Andover MA, and divisional headquarters in
Massachusetts, Ohio and Illinois, ICP serves multiple end markets,
including: OEM, industrial, building materials, packaging, printing,
specialty construction, and sports surfaces. ICP Group is privately held
and manufactures products under several recognized, specialty brands.
For more information on the Construction, Adhesives & Sealants, and
Industrial divisions of the ICP Group, visit www.icpgroup.com.

Contacts

CompleteSpectrum
Phillip McMillan, 813-907-2150
[email protected]